Retail shrinkage or shrinkage means there are fewer items in stock than the inventory list, e.g., due to theft or bookkeeping errors. Shrinkage reduces profits for retailers, which may lead to increased prices for consumers to make up for the lost profit.
Shoplifting has traditionally been attributed as a top cause of retail shrinkage. To collect evidence for shoplifting, surveillance cameras are ubiquitously installed in stores. However, to prevent shoplifting in real time, significant human resources are required to monitor the video footage from the surveillance cameras, which is usually unpractical for smaller retailers, such as convenience stores. Further, even skilled security personnel cannot focus on different monitors simultaneously or uninterrupted for long due to limited perceptual span and attention span.
A technical solution is needed for automated video recognition in various industries for various tasks, including surveillance related tasks, such as recognizing shoplifting or other actions in a video. In this way, retailers can focus on customer services instead of shrinkage.